The Board of Directors of Aditya Birla Fashion and Retail (ABFRL) have approved entering into a share purchase agreement with Jaypore E-Commerce, a B2B entity which sells ethnic fashion merchandise under its own brand "Jaypore" and of other third-party brands.
The board has also approved entering into a share purchase agreement with TG Apparel & Decor, a B2C entity which retails ethnic fashion, both online and offline.
ABFRL will acquire 100 percent stakes in Jaypore for a consideration of Rs 110 crore. The deal will take 30-45 days to conclude. Jaypore was set up in 2012 and is engaged in the sale of apparel, accessories, jewellery and home decor items in India and abroad. The deal will help ABFRL tap into the fast-growing ethnic apparel market.
The company will also acquire 100 percent stakes in TG Apparel & Decor (TG) for an equity value of up to Rs 25 lakh subject to the book value on closing. The deal will take 30-45 days to conclude. TG Apparel & Decor was incorporated in 2015 and retails ethnic fashion, both online and offline, in India and abroad.